US Dollar Retreats as S&P 500 Hovers Below the 1600 Figure

THE TAKEAWAY: The US Dollar is pulling back after a rejection at technical resistance while the S&P 500 is flirting with the psychologically significant 1600 figure.

US DOLLAR TECHNICAL ANALYSIS– Prices recoiled from resistance below the 23.6% Fibonacci expansion at 10547. Falling channel resistance-turned-support is at 10428, with a push beneath that eyeing the April 2 low at 10391. Alternatively, a reversal back above 10546 targets the 38.2% level at 10641.

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices pushed higher anew, taking out the 50% Fibonacci expansion at 1583.90 to expose the 61.8% level at 1594.50. A further push above that aims for the 76.4% level at 1607.70. The 1583.90 mark has been recast as support, with a reversal back beneath that eyeing the 38.2% Fib at 1573.30.

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices recoiled from resistance at 1586.48, the 23.6% Fibonacci expansion, taking out support at 1565.69 marked by the 38.2% level. Sellers now aim to challenge the 50% Fib at 1458.89, with a drop below that eyeing the 61.8% expansion at 1532.09. Alternatively, a reversal back above 1565.69 exposes 1586.48 anew.

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS– Prices put in a Bearish Engulfing candlestick pattern below resistance at the underside of a previously broken rising trend line set from the March 4 low, hinting a move lower is ahead. Near-term support is at 93.44, the 23.6% Fibonacci expansion, with a break below that exposing the 38.2% level at 92.61. A move back above the April 10 high at 94.79 eyes the trend line (now at 95.24) anew.